Decorative fashion accessories for use as pony tail holders and the like are known, and one popular form of such pony tail holders includes an elastic band surrounded by a relatively large amount of bunched fabric. Such items are, for example, disclosed in U.S. Pat. Nos. Des. 292,030, Des. 315,036 and Des. 315,226. Such fashion accessories, however, have the decorative fabric bunched essentially uniformly completely around an elastic band. Consequently, such fashion accessories often cannot be secured tightly against the wearer's head and often work loose during vigorous activities of the wearer. It is, therefore, an object of the present invention to provide a decorative fashion accessory formed of bunched fabric which can be positioned tightly against the user's head in a manner more firmly securing the fashion accessory in place.